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What does "Prior Year Unused Amounts" refer to when entering info for contributions to an Ohio 529 plan?

 
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Hal_Al
Level 15

What does "Prior Year Unused Amounts" refer to when entering info for contributions to an Ohio 529 plan?

You can only deduct $4000 in 529 plan contributions ($2000 before 2018) each year.  But you can carry the unused amounts forward to the next year. For example, if you contributed $5000 to your Ohio 529 plan, in 2017, you were only allowed to deduct $2000. You have $3000 "Prior Year Unused Amount" that you can deduct 0n your 2018 return.

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Hal_Al
Level 15

What does "Prior Year Unused Amounts" refer to when entering info for contributions to an Ohio 529 plan?

You can only deduct $4000 in 529 plan contributions ($2000 before 2018) each year.  But you can carry the unused amounts forward to the next year. For example, if you contributed $5000 to your Ohio 529 plan, in 2017, you were only allowed to deduct $2000. You have $3000 "Prior Year Unused Amount" that you can deduct 0n your 2018 return.

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